Stocks wobble, dollar slips as traders shrug off trade talk

23 July, 2018, 03:38 | Author: Martin Tyler

State governors discussed ways Thursday to court foreign investment in the wake of President Donald Trump's trade disputes with countries including China, Canada and Mexico. With those nations nearly certain to retaliate, the result could be higher prices for Americans, diminished export sales and a weaker US economy by next year.

US President Donald Trump said in an interview released today he is willing to hit all Chinese goods imported to the United States with tariffs if necessary. Trump's comments point to a willingness to push the envelope as far as the US needs to get Chinese tariff concessions, along with a pledge to stop allegedly stealing American technology.

The world's two largest economies have already imposed tariffs on $34 billion worth of each other's imports. Opponents of the new trade restrictions lined up to vent as the Commerce Department held a hearing on whether auto imports pose a threat to USA national security.

Trump has placed tariffs on everything from steel to chicken incubators. Higher auto prices for American consumers would inevitably follow.

Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from other countries.

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"They're picking the wrong customer, I'll tell you that - you know how intense he is on this issue", he said, adding: "Xi seems to think if he waits out the November elections, Trump will be weakened and therefore will lighten the bite". Many analysts now fear there will be no significant movement towards resolution until after USA mid-term elections in November. The yuan has been skidding since February, mostly because of slower economic growth in China and rising interest rates in the U.S. It expects that 700,000 jobs would be lost.

The slide comes amid a deepening U.S. In this sense, Trump has actually expanded rather than limited China's options in fighting a trade war with Washington. On Friday, the Dow Jones industrial closed down slightly.

A sliding currency could help China's huge export industry cope with new USA tariffs, as it makes Chinese products cheaper for buyers who pay in dollars.

"A few years ago we didn't have a story to justify the yuan weakening", said Iris Pang, greater China economist at ING Bank in Hong Kong.

To some extent that policy lost a lot of its credibility in the reaction to the financial crisis, post 2008, and while USA officials have never explicitly acknowledged a desire so openly for a weaker United States dollar in the past they have also never really complained about a strong currency until recently.

Philip Levy, a trade expert at the Chicago Council on Global Affairs and a former White House trade adviser, suggested that Chinese officials have been frustrated and confused by their previous failed efforts to reach an agreement.

The United States disputed the retaliatory tariffs at the World Trade Organization on Monday, along with those imposed by the European Union, Canada, Mexico and Turkey in response to new USA duties on steel and aluminum.

Analysts said the yuan's latest dip came after China's central bank indicated that it was willing to accept a weaker currency. "They've received conflicting messages depending on who they speak with".

Trump supporters eager to get their hands on Trump-themed shirts and hats may have to wait more than they normally would have - and it's all thanks to the president's tariffs. Yet any such agreement would require extensive talks over how it would be implemented and verified.

Trump said the U.S.is "being taken advantage of" on a number of fronts, including trade and monetary policy.

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But State Department spokeswoman Heather Nauert said Trump has been unequivocal in his support of Nato's collective defence. Montenegro, she said, is pushing for "stability in the region and trying in these turbulent years to help others".

It was one of the " most disgraceful performances" by an American president in memory, Republican Senator John McCain had said. Russian President Vladimir Putin has rounded on U.S. critics of his first summit with President Donald Trump .

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One question that seemed natural following the week was whose advice, if anyone's, was Trump taking in handling this episode. Bush, who welcomed the Russian leader in the East Room as "my friend". "Maybe in a year or two", he tells The Hill .

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